Ebenezer Scrooge was rich

You may not know this, but your penchant for foamy, caffeinated milk is wreaking havoc on your finances with every creamy-smooth sip you take.

That’s right folks, it’s been estimated by Scotiabank that Canadians spend an average of $306 per month on impulse buys such as lattes, lunches out, and unplanned shopping trips. The report has been issued on the heels of a StatsCan study that highlights the fact that our debt-to-income ratio sits at a record high.

Reb Stevenson advocates throwing caution to the wind and giving into your spending impulses with such fervor you’d think she was Greek.

In her most recent column, Stevenson advocates throwing caution to the wind and giving into your spending impulses with such fervor you’d think she was Greek.

I know it might sound cliche, or worse, old-fashioned, but I was brought up to watch my pennies, which, in turn, results in my dollars watching themselves.

As I read Stevenson’s column this morning, with my tea bag taking its second bath in a mug of hot water, I couldn’t help feeling I was reading a financial manifesto penned by a modern-day version of the grasshopper from Aesop’s fable.

I’m as shocked as you are, but apparently it’s news to some folks that prudent financial management, even if it’s not all the rage, will ultimately help you reach your financial goals. Even near-term, imaginable ones – unlike Stevenson’s constant references to a retirement so far away, and so marred by old-ness, that it’s hardly thinkable – like being able to pay rent on time.

I know it can be hard to resist the veritable carnival of easy, fun diversions that lurk around every corner. You can’t walk twenty feet without seeing a drool-inducing piece of food porn beckoning you to sample its sinful promise of effort-free flavour.

For better, but mostly worse, ours is a culture of instant gratification, and it continues to rocket us towards disgusting levels of dissolution, both personal and financial.

The problem is, indulging ourselves at every turn not only upsets the poor folks at ScotiaBank, it doesn’t make us happier in the long-term.

In 1972 a psychologist from Stanford conducted a study on deferred gratification. In it, he offered marshmallows to children, promising them two instead of one if they could resist eating the one they already had for a short period of time. Fast-forward some twenty years: follow-up studies of those same children showed overwhelmingly that those who could demonstrate some restraint were considered significantly more competent and successful.

The proof is in the pudding. Which you could see if you hadn’t already eaten it.

As un-sexy as it is, deferred gratification makes people more successful in the long run. And even if you’re not the kind of kid who can wait for the extra marshmallow, trying to justify an I-want-it-now lifestyle only makes it harder to say no to the next latte, or dinner out, or backpacking trip through Europe. Eventually, unless you’re fortunate enough to have a patron, instant-gratification means saying no to much more important things than lattes.

You know, like the electricity bill.

Take that $306 dollars a month, dribbled away on completely unnecessary cab rides or what have you, save it for five years, and you’re looking at the down payment on a house.

Seriously, a goddamn house.

Or don’t listen to me, the ant to Stevenson’s Aesopian grasshopper. Go ahead and dine out at that fancy restaurant because things like a contingency fund or owning basic shelter is so ‘whatever’ these days.

Feel free to be the cool kid. I’ll be the one staying in for the night in a well-heated, lights-on apartment, cheerily anticipating the day when all my missed lattes add up to something better than a quick buzz.

It’s been estimated by Scotiabank that Canadians spend an average of $306 per month on impulse buys such as lattes, lunches out, and unplanned shopping trips. The report has been issued on the heels of a StatsCan study that highlights the fact that our debt-to-income ratio sits at a record high.

But never mind the fact that our love affair with debt continues to grow, because ultimately, we’ll all end up dead. Reb Stevenson is all for spoiling yourself, if a fancy coffee qualifies, rather than waiting for what might – or might not – be your golden years.

However, Michael MacDonald counters by advocating for folks to watch their pennies, which, in turn, results in their dollars watching themselves.

Whose side are you on? Be sure to leave your comments in the comment box.

Mike MacDonald is a news editor and writer at Postmedia. His writing also appears weekly in The Onion. When not working, Michael can be found playing crunchy grooves on his ukulele in his Toronto home... read more.View author's profile